MCA to act on Gensol Engineering after reviewing SEBI order

BUSINESS

MCA to act on Gensol Engineering after reviewing SEBI order

AIMPWA

April 21, 2025

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When contacted, the MCA confirmed it is reviewing the SEBI order in the context of the Companies Act, 2013, and assured that “necessary action would be taken accordingly.”

The corporate affairs ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator SEBI’s order against the company.

Last week, the Securities and Exchange Board of India (SEBI) barred the company’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.

The order came amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

When contacted, the Ministry of Corporate Affairs (MCA) told PTI that it is examining the SEBI order in light of the provisions of the Companies Act, 2013.

“Necessary action would be taken accordingly,” the ministry said.

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Published on April 21, 2025

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